Saudi Arabia and the UK signed a pact to promote direct investment between the two nations on Thursday, with the agreement marking the next step in Saudi-UK relations as they embark on ambitious projects in the road to net zero.
The signing followed an important meeting between Saudi Arabia’s Ministry of Investment and the UK’s Department for International Trade on the sidelines of the Future Investment Initiative summit in Riyadh, which aimed to showcase the countries’ respective efforts to boost sustainability.
The new pact, which aims to protect and promote direct investment between the two countries, comes days before the Cop26 environmental summit in Glasgow, which the UK will host next week.
The Saudi Arabia-UK green finance roundtable was hosted by Saudi Arabia’s Minister of Investment Khalid Al Falih, in partnership with UK Minister for Investment Lord Gerry Grimstone.
Mr Al Falih this week said hydrocarbons will remain part of the economy for decades, raising the need to invest in a balanced portfolio as part of the transition to clean energy.
Investment in green technology and associated infrastructure through public private partnerships could help in reaching carbon neutrality, Mr Al Falih said, highlighting the need to invest in a broad spectrum of energy sources.
